Brazil: Industrial output grows for first time in four months
Industrial output grew 1.4% in month-on-month seasonally-adjusted terms in May, which contrasted April’s 1.5% decrease and marked the first expansion in four months. May’s notable turnaround largely came on the back of a rebound in consumer goods output. Moreover, intermediate goods production declined at a softer pace compared to the previous month. Lastly, while durable consumer goods output fell at a sharper rate, non-durable consumer goods production bounced back in May.
On an annual basis, industrial production rose 24.0% in May, which was significantly below April’s 34.7% expansion. Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at plus 6.1% in May, up from April’s 2.3%.